SPY vs TSSI: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and TSS, Inc. (TSSI) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and TSSI?
On 3 years of weekly data the SPY/TSSI correlation comes out at 0.37, moderate. Recent behaviour matches the longer record: 0.31 over 1 year against 0.37 over 3. The 5-year figure is 0.29, and annualized covariance runs at 722.8 %².
Among the 4755 assets we track against SPY, TSSI ranks #1500 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 66.6 points (+20.6% versus -46.0%). One caveat on sizing: TSSI is 9.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
SPY vs TSSI: side by side
| SPY (SPDR S&P 500 ETF Trust) | TSSI (TSS, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -46.0% |
| 5-year return | +82.4% | +1305.0% |
| Volatility (ann.) | 14.5% | 133.4% |
| Beta vs S&P 500 | 1.00 | 3.46 |
| Max drawdown (3Y) | -18.8% | -77.7% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 16.2 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TSSI |
|---|---|---|
| 2022 | -18.2% | +24.4% |
| 2023 | +26.2% | -51.8% |
| 2024 | +24.9% | +4292.6% |
| 2025 | +17.7% | -40.4% |
| 2026 | +13.7% | +19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TSSI good diversifiers for each other?
Reasonably. At 0.37, SPY and TSSI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and TSSI?
The SPY/TSSI correlation stands at 0.37 on a 3-year window (1 year: 0.31, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is TSSI a good diversifier for SPY?
Reasonably. At 0.37, SPY and TSSI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: SPY correlations · TSSI correlations
